Effectiveness of Enhanced Bank Safeguards Against Scams Involving AI-Generated Deepfake Impersonation

Ms He Ting Ru asked the Prime Minister and Minister for Finance (a) whether the Government has assessed the effectiveness of the enhanced bank safeguards implemented from October 2025 against scams involving AI-generated deepfake impersonation, including a case involving a loss of around $5 million; (b) what gaps, if any, have been identified and (c) what further measures are being considered.

Mr Speaker, bank safeguards alone will not fully prevent scams. To minimise the risk of scams, we need a multi-layered approach involving all ecosystem players, including the public.

First, we strengthen controls upstream on platforms where scams are propagated. In its latest initiative, the Singapore Police Force (SPF) issued new and enhanced Codes of Practice (COPs) for designated online services in August 2026. This includes a new COP for Online Messaging and Conferencing Services, which introduces requirements to prevent the spoofing of the Singapore Government through profile names or pictures. The Government will also help members of the public identify legitimate Government communications by introducing a single, easily recognisable prefix number for all calls to members of the public.

Second, the Monetary Authority of Singapore (MAS) has worked with banks to enhance fraud surveillance to block or hold further transfers once they detect a rapid draining of accounts. Banks have introduced delays of 12 hours or more when customers perform higher risk transactions, such as adding of new payees and raising transfer limits. PayNow nicknames have also been removed to prevent scammers from misusing them to masquerade as legitimate individuals or organisations. These moves reduce the risks of scams, but Sir, a balance needs to be struck, because they do add friction and inconvenience for customers in conducting their banking transactions.

Third, public education initiatives have been launched to alert and caution members of the public against current scam types. SPF issues regular scam advisories that are published in the media. Banks have also issued advisories to their customers to caution against deepfake-enabled scams.

Fourth, the public plays a critical role against impersonation and other scams resulting in self-effected transfers. The measures introduced provide multiple layers of protection by narrowing avenues for exploitation and allowing potential victims time to pause, check and confirm before proceeding with any transfers. Public vigilance remains key. Members of the public should raise their suspicion if they see videos with signs of deepfakes, such as lip movements that do not align naturally with speech, unnatural facial expressions or visual distortions around the face.

Sir, it is important to be very careful when asked by any party for money. Please remember that Government officials will never ask members of the public to transfer money or to disclose your bank account details. If the request for money is seemingly from a company or someone you know, it is better to call and verify it first using known and reliable contact numbers. If in doubt, please check with the 24/7 ScamShield Helpline at 1799.

Sir, the multi-layered safeguards and public vigilance that we have implemented thus far have led to a reduction in impersonation scam cases and losses. However, we cannot be complacent and we need to keep up our vigilance. The Government will also continue to assess evolving scam techniques and work with our ecosystem partners to adjust the countermeasures.

Ms He.

Thank you, Mr Speaker, and I thank the Minister for the reply. I have two quick supplementary questions on this.

First, I would like the Minister to share a little bit more about what metrics the Government uses to measure the effectiveness of both the safeguards and also the public outreach and education efforts?

And my second supplementary question relates to whether the Government has data about the balance or even the contribution between how evolving technology or consumer behaviour contributes or in relation to scams being successfully perpetuated or being prevented.

Mr Speaker, to Ms He's first question, I think the best way to monitor whether our measures have been effective is to look at the outcomes. So, if I look at the first half of 2026, there was a 30% period-on-period reduction in impersonation scam losses, and a 10% period-on-period reduction in the cases of such scam cases. So, I think that is one measure.

The other measure, of course, is that we will have to take a look at what are the evolving tactics and methods that are being used by the scammers. Because, as I mentioned in my main reply, this is a "cat and mouse" game. We come up with some safeguards, we come up with some protection methods, and the scammers will try and find a new way of deceiving the victims. So, this is an ongoing effort, we have to keep up our vigilance. We have to keep evolving our methods and our countermeasures.

In terms of the data, which is, I think, Ms He's second question, Sir, I do not have the data to share with her. But I think it is a multi-faceted issue that we are dealing with, because some of it can be prevented upstream by working with the ecosystem partners to try and reduce the risk. Some of it, as I described in my main reply, the banks can put in place some measures to try and add friction. But that has to be balanced because if you add too much friction, it is safer, but it also introduces a lot of inconvenience.

And of course, the members of public also play a role. Stay alert, stay vigilant and if you come across something that looks suspicious, report it. And as I said in my main reply, please remember that the Government leaders and Government officials will never ask you to transfer money through such a method.